'Sorry, Wrong Number,'
eBay Says on Skype

When eBay Inc. purchased Skype for $2.6 billion in 2005, Wall Street wondered how the Internet-calling company could be worth so much. The skeptics appear to be proven right.

Acknowledging that its largest-ever acquisition hasn't lived up to expectations, eBay yesterday said it would take a $1.4 billion third-quarter charge related to Skype. It also announced a management reshuffle, with Skype co-founder Niklas Zennstrom stepping down as chief executive of the unit. Mr. Zennstrom will be succeeded by Michael van Swaaij, eBay's...